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BUC( <br /> CONSULTANTS <br /> 200 Galleria Parkway, N.W. Suite 1200 <br /> Allanla, Geor§ia 30339 <br /> <br /> April 27, 1990 <br /> <br /> Ms. Debra Holley, Director of Information <br /> NCACC <br /> Post Office Box 1488 <br /> Raleigh, North Carolina 27602 <br /> <br /> Dear Ms. Holley: <br /> <br /> We are pleased to present our proposal to prepare actuarial studies of the <br /> Separation Allowance Programs for interested counties and cities/towns. It is <br /> our understanding that about 120-150 units with approximately 6,000 members <br /> might participate. <br /> <br /> Buck's basic fees to prepare the studies would be a flat $150 per unit plus <br /> $1.00 per participant (active and retired). <br /> <br /> Our proposal, reflects the guidelines in your April 20 memorandum as follows: <br /> <br /> 1) We do not anticipate any adjustment in the fee schedule unless there is a <br /> change from the expected participation. <br /> radical <br /> <br /> 2) The fees would be constanc for three years }989-90 through 1991-1992. <br /> <br /> 3) We would use the assumptions used for law enforcement officers by the <br /> North Carolina Local Governmental Retirement System. <br /> <br /> We would use the projected unit credit actuarial cost method for funding <br /> calculations. Use of another method would add $200 to the base fee. <br /> <br /> 5) For units which do not provide retiree information (or asset information, <br /> if applicable) by June 20, the fees otherwise determined would be <br /> doubled. <br /> <br /> 6) Any services to individual units of government beyond the actuarial <br /> report would be negotiated between Buck and the unit of government <br /> requesting the service. Buck's hourly rates for professional consulting <br /> services would range from $120-250. We would anticipate an average rate <br /> of $160. Daily rates would range from $750 to $1,500, with an expected <br /> average of $1,000. <br /> <br /> 7) The project would be headed by Donald Overholser. Mr. 0verholser serves <br /> as the consulting actuary to the statewide North Carolina retirement <br /> systems, as well as to the statewide systems in six other states. He <br /> would be assisted by Catherine Turcot and Hargaret Wood-Doggan in the <br /> <br />Buck Consultants, Inc. ~ (~ ~/4 f~ ~ <br />4041955-2488 Fax4041933;8336 <br /> <br /> <br />